Concerns continue to linger across various sectors of the economy regarding the impact of the prolonged Iran war on South Africa.

As global oil prices surge above the 100-dollar-per-barrel mark, the domestic fallout is becoming more pronounced for both businesses and consumers. The Black Business Council (BBC) is lobbying the government for a lifeline, specifically calling for credit guarantees to help businesses stay afloat.

BBC CEO Kganki Matabane has urged the government to come up with measures to protect small businesses.

WATCH | Motorists are bracing for steep fuel price hikes next month, with petrol expected to rise by over R5 a litre and diesel by more than R9, as the US-Israel war on Iran drives global uncertainty and continued pressure on prices. Full report available on the SABC News YouTube… pic.twitter.com/CHuo2KaYeO

— SABC News (@SABCNews) March 27, 2026

“They should not necessarily be reminded that they have to do something, they say crisis, everyone is aware that there’s a crisis, there’s war, participating in the Middle East, and when you hear what President Trump is saying, you don’t necessarily see the end of it,” says Matabane.

He says the government has to be proactive and look at alternatives. For small businesses, maybe look at the guarantee, a scheme of some sort, so that it is the banks can be able to extend the credit to small companies.

VIDEO | Oil surge fuels economic concerns in SA

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